Artificial Intelligence (AI) In Beauty and Cosmetics Market
Artificial Intelligence (AI) In Beauty and Cosmetics Market Size, Share & Trends Analysis Report byProduct Type(Regular Tea, Artificial Intelligence (AI) In Beauty and Cosmetics Beverages, Food, and Personal Care & Cosmetics), by Form (Powder, and Liquid Source) and by Distribution Channel (Hypermarket/Supermarket, Speciality Retail Stores, Online Retail Stores, and Others)Forecast Period (2024-2031)
AI in beauty and cosmetics market is anticipated to grow at a significant CAGR of 19.6% during the forecast period (2024-2031). The market’s growth is attributed to growing demand forAI technologies by beauty brands to provide personalized beauty solutions by analyzing consumer data such as skin profiles and preferences..According to the National Institute of Health (gov.) in September 2021, the deployment of AI in the retail sector has shown promising results, particularly in targeting the top 1.0% of customers who generate significant value for retailers. By utilizing AI-powered chatbots, content generation, and customer insights, retailers have been able to achieve extreme personalization and increased engagement. It is projected that the spending on AI in the retail sector will significantly increase, with an estimated $7.3 billion by 2022 and global spending on AI services reaching $12 billion by 2023. Additionally, it is expected that over 325,000 retailers will adopt AI technology during this period.
Market Dynamics
Increasing Adaptability Amid Economic Storms
The beauty industry exhibits resilience during economic downturns, with consumers prioritizing personal grooming and self-care, driven by the perception of beauty products as essential for self-esteem and well-being. According to the McKinsey & Company, in May 2023, skincare, fragrance, makeup, and haircare form an a component of the beauty industry, which has grown steadily and resiliently even in bad economic times. The market has received interest from a variety of sectors, including finance and entertainment, with projections indicating that it is projected to reach approximately $580 billion by 2027, rising at an estimated pace of 6.0% each year. This rise is comparable to, or marginally higher than, that of other consumer segments, such as clothing, accessories, footwear, pet supplies, and food and beverages.
Market Segmentation
Our in-depth analysis of the global AI in beauty and cosmetics market includes the following segments by product type, form, and distribution channel:
- Based on product, the market is sub-segmented into personalized recommendation tools performance marketing measurement platforms, demand forecasting and supply chain tools, real-time customer service platforms, and AI-based beauty devices.
- Based on application, the market is augmented into skincare, haircare, make-up, fragrances, and others (nail care,oral care, and body care).
Skincare is Projected to Emerge as the Largest Segment
Based on the application, the AI in beauty and cosmetics market is sub-segmented into skincare, haircare, make-up, fragrances, and others. Among these, the skincare sub-segment is expected to hold the largest share of the market. The primary factor supporting the segmental growth includes the increasing demand for the innovation in product development. AI technologies improve the production of skincare and cosmeceutical products by identifying market trends, improving ingredient formulas, and assessing consumer feedback. This allows for the customization of products for both male and female consumers. According to the International Journal Of Community Medicine And Public Health (IJCMPH), in December 2023, the study involved a total of 171 participants, with 24.6% identified as male and 75.4% as female. It was observed that there was a high level of awareness (100.0%) and utilization (60.8%) of essential skincare products, with females showing a higher tendency to use cosmeceuticals. Cleansers, moisturizers, and sunscreen were found to be the most valued and incorporated into daily skincare routines (100% usage). The study reveals gender disparities in product usage, emphasizing the need to promote responsible consumer practices in skincare and cosmeceutical products.
Fragrances Sub-segment to Hold a Considerable Market Share
The AI-powered fragrance platforms can provide personalized scent recommendations, analyzing consumer data and preferences, catering to diverse tastes and preferences, including unisex and inclusive options towards the consumer prefernces drives the market gowth. According to the HW Harries Williams and Nicole Kirichanskaya Article, in August 2022, the demand for fragrances marketed as suitable for all genders saw significant growth, with unisex fragrances experiencing a 46.1% increase year-over-year (YOY) and unisex perfumes seeing a YOY increase of 38.4 percent. Boy Smells, a brand known for its inclusive fragrances, demonstrated remarkable growth, with a staggering 302.1 percent increase in sales from 2021 to 2022.
Regional Outlook
The global AI in beauty and cosmetics market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
Asia-Pacific
- The Asia-Pacific region is experienced rapid urbanization and rising disposable income, driving a surge in demand for beauty and cosmetics products, including AI-powered ones, in countries suchas,China, Japan, South Korea, and India.
- According to India Brand Equity Foundation (IBEF), and Euromonitor, in June 2023, India's beauty market is expected to grow from $ 15.6 billion in 2022 to $ 17.4 billion by 2025 as a result of rising income levels, internet availability, and a young population.
Global Artificial Intelligence (AI) In Beauty and Cosmetics Market Growth by Region 2024-2031
North America Holds Major Market Share
Among all the regions, North America holds a significant share owing to the increasing consumer demand for personalized beauty products. According to the ArticleCosmetics: A Bright Foundation for Growth via M&A, in June 2023, cosmetics sector within the beauty industry is experiencing remarkable growth. In 2022, it achieved a 12.0% increase in sales, reaching $25.6 billion in US retail sales, making it the highest-grossing category in beauty. The US prestige makeup sales growing by 24.0%, while mass makeup sales increased by 15.0%, capturing almost one-third of all US beauty sales.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order
The major companies serving the global AI in beauty and cosmetics market includeAiirLtd.,Perfect Corp.,HiMirror,L’OréalS.A, and UnileverGroup, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance,in January 2023, Perfect Corp. and The Good Glamm Group have partnered to launch virtual try-on and AI Skin Analysis experiences, revolutionizing online shopping for D2C brands, offering personalized, interactive experiences.
The Report Covers
- Market value data analysis of 2023and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global AI in beauty and cosmetics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Aiya America, Inc.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. The AOI Tea Company
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Jade Leaf LLC
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Artificial Intelligence (AI) In Beauty and Cosmetics Market by Product Type
4.1.1. Personalized Recommendation Tools
4.1.2. Performance Marketing Measurement Platforms
4.1.3. Demand Forecasting and Supply Chain Tools
4.1.4. Real-time Customer Service Platforms
4.1.5. AI-based Beauty Devices
4.2. Global Artificial Intelligence (AI) In Beauty and Cosmetics Market by Application
4.2.1. Skincare
4.2.2. Haircare
4.2.3. Make-up
4.2.4. Fragrances
4.2.5. Others(Nail Care, Oral Care, and Body Care)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Aiir Ltd.
6.2. Amorepacific Corp.
6.3. Beiersdorf AG
6.4. Coty Inc.
6.5. Estée Lauder Co.
6.6. FOREO
6.7. HiMirror
6.8. Johnson & Johnson Services, Inc.
6.9. L’Oréal S.A
6.10. Meitu, Inc.
6.11. ModiFace Inc.
6.12. Nu Skin Enterprises Inc.
6.13. Perfect Corp.
6.14. Posh, Inc.
6.15. Proven
6.16. Revieve
6.17. Shiseido Cosmetics
6.18. SkinVision
6.19. Unilever Group
1. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2023-2031 ($ MILLION)
2. GLOBAL PERSONALIZED RECOMMENDATION TOOLS IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL PERFORMANCE MARKETING MEASUREMENT PLATFORMSIN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS BEVERAGES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL DEMAND FORECASTING AND SUPPLY CHAIN TOOLS IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
5. GLOBAL AI-BASED BEAUTY DEVICES IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
7. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR SKINCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR HAIRCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR MAKE-UP MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR FRAGRANCES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. NORTH AMERICAN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
14. NORTH AMERICAN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2023-2031 ($ MILLION)
15. NORTH AMERICAN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
16. EUROPEAN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
17. EUROPEAN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2023-2031 ($ MILLION)
18. EUROPEAN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
19. ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
20. ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2023-2031 ($ MILLION)
21. ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
22. REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
23. REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2023-2031 ($ MILLION)
24. REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
1. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY PRODUCT TYPE, 2023 VS 2031 (%)
2. GLOBAL PERSONALIZED RECOMMENDATION TOOLS IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL PERFORMANCE MARKETING MEASUREMENT PLATFORMS IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS BEVERAGES ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL DEMAND FORECASTING AND SUPPLY CHAIN TOOLS IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
5. GLOBAL REAL-TIME CUSTOMER SERVICE PLATFORMS IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL AI-BASED BEAUTY DEVICES IN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
8. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR SKINCARE MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR HAIRCARE MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR MAKE-UP MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR FRAGRANCES MARKET SHARE BY REGION, 2023 VS 2031 (%)
12. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS FOR OTHERS MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SHARE BY REGION, 2023 VS 2031 (%)
14. US ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
15. CANADA ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
16. UK ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
17. FRANCE ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
18. GERMANY ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
19. ITALY ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
20. SPAIN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
21. REST OF EUROPE ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
22. INDIA ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
23. CHINA ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
24. JAPAN ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
25. SOUTH KOREA ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
26. REST OF ASIA-PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
27. LATIN AMERICA ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
28. MIDDLE EAST AND AFRICA ARTIFICIAL INTELLIGENCE (AI) IN BEAUTY AND COSMETICS MARKET SIZE, 2023-2031 ($ MILLION)
